(Alliance News) - Natural gas storage firm InfraStrata PLC on Monday reported that it has completed further milestones at its Islandmagee project in Northern Ireland, though other targets including the appointment of a new company chair, are now expected to be completed next year.
Milestones at the gas storage project, including the start of enabling works at the site and the confirmation of public consultations dates, were completed in line with the company's initial expectations.
Other milestones, which were initially targeted to be completed before the end of 2019, now look set to be concluded next year, the company conceded.
This includes the appointment of a permanent company chair, which is now predicted for January.
In addition, Infrastrata said on Friday, that a final investment decision at Islandmagee, another milestone targeted before the end of 2019, also will be delayed.
The company said this was due to the results of the UK general election earlier in December.
Infrastrata said that "numerous pledges have been made" in relation to government infrastructure project funding in the UK, as the country gears up for its planned European Union withdrawal in January.
Infrastrata added: "The board's preferred equity partner is understanding of the position taken, given that a government supported funding programme will likely de-risk project economics significantly for all shareholders, both at the company and project levels."
A final investment decision is now expected in the first half of 2020.
Interim Chair John Wood said: "I am satisfied with the progress that has been made this year on our Islandmagee gas storage project.
"Whilst we are all disappointed about not reaching final investment decision this year, the board unanimously feels it is in the best long-term interests of the shareholders to re-evaluate the position that we are in with new funding options becoming available."
Elsewhere, the company said it has appointed a new management team at the Harland & Wolff asset in Belfast, the shipyard were the Titanic cruise liner was built. Infrastrata agreed to acquire the asset in October, from administrator BDO NI, saving the shipyard from closure.
John Petticrew will be managing director of Harland & Wolff (Belfast) Ltd. He was most recently the vice president of operations at Seaspan Shipyard in Vancouver, Canada.
Paul Blake, who was previously head of projects at Bahrain-based Arab Shipbuilding & Repair YardCo, will be the Harland operations director. In addition, Stephen Mills and Mark Giles, will assume the role of sales directors.
Infrastrata said the duo have "substantial experience of securing contracts across a range of targeted sectors from around the world".
Also on Monday, the company said that it received notice from Riverfort Global Opportunities PCC Ltd and YA II PN Ltd to convert GBP50,000 of a GBP2.2 million loan facility into 19.5 million shares priced at 0.3 pence each.
Following the conversion, the balance of the loan has been trimmed to GBP955,555.
Infrastrata shares were 2.3% higher at 0.29 pence each in London on Monday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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